GOLDENHOME(SH:603180) Minsheng Securities·2024-04-28 07:00Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 20.77 CNY, reflecting a PE of 10/8/7X for the years 2024-2026 [2][4]. Core Insights - The company is expected to achieve a net profit attributable to shareholders of 334 million, 378 million, and 428 million CNY for 2024, 2025, and 2026, respectively, representing growth rates of 14.3%, 13.3%, and 13.1% [2][3]. - Revenue is projected to grow from 3,645 million CNY in 2023 to 5,224 million CNY in 2026, with growth rates of 2.6%, 13.3%, 12.8%, and 12.1% for the respective years [3][5]. Financial Summary - The company reported a total revenue of 3,645 million CNY in 2023, with a net profit of 292 million CNY, reflecting a year-on-year increase of 2.59% and 5.40%, respectively [14]. - For Q4 2023, the company achieved revenue of 10.98 million CNY and a net profit of 1.26 million CNY, with year-on-year growth of 3.17% and 11.81% [14]. - The gross margin for 2023 was 29.58%, with a net profit margin of 8.01% [16]. Product and Channel Performance - In 2023, the company’s revenue from kitchen cabinets, wardrobes, and wooden doors was 22.32 million, 10.44 million, and 2.46 million CNY, showing a year-on-year change of -5.55%, +8.65%, and +64.97%, respectively [15]. - The company has been expanding its retail channels, with significant growth in home decoration and integrated channels, doubling revenue in these areas in 2023 [15]. - The overseas market is expected to continue growing, with the company implementing differentiated business models and establishing local production bases to enhance delivery efficiency [17].